TIM - My view, page-6

Senis, you make some good points about the way income streams are structured, but APL and TIM have big debts and GTP doesn't. Last year some detractors were even claiming the problem with GTP's model was they had all this cash (and the $100 million in franking credits) and would probably waste it (the implication being that others who weren't so fortunate would at least be receiving some more in future years). One wonders how long GTP has to keep performing for the bigger investors to accept the runs on the board.

Diversification within ones field of expertise is also important, but GTP the 2020 Vision etc favours GTP's focus more.

"Timbercorp is the largest manager of forestry plantations, olive groves and almond orchids." is true if one looks at the field of Australian based, publicly listed, tax effective players. They've made some other "leading" claims in the past and had to withdraw them, but there's no doubt they are one of the majors.

I think olives are a lot like the junior days of premium wine. No special legislation to back them and there are significant and well established competitors, but the rewards for those who manage to hang in there for a decade or two could well be quite substantial, if the need remains and the playing field stays level.

Won't be long now before the reports are through for most of the companies. Good news seems to be expected for most of them. Let's not forget our near neighbours, N.Z., too. Last year the detractors spoke of a lack of markets in Asia, but CHY has just said it expects China sales to go up 30%.

Disclaimer: I don't own any forestry stocks at the moment.